07-10-2013 03:54 PM
07-10-2013 04:45 PM
Well I'm just not sure! Like does anyone know a figure as far as spending that would have to be made to make any of the AMEX charge cards worth it? Like say if you spend this much get gold or for this much get PRG? Anyone know? It seems like most of my spending is gas making the PRG seem like a much better choice for 2X but then again I have Discover and Chase which gives me 5% on gas for half the year so I have to take that into account too!
You first have to decide what YOU would value 1 MR point as. People value them differently depending on how they plan to redeem (and how they value that redemption!)
But simply assuming 1c per point (which is sort of the minimum), it would take $17,500 of 1x spend to break even, and half of that x2 spending to do so (and 1/3rd x3).
But that excludes things like: if you spent the $17,500 on the existing BCE, you would get at least the same $175 and similarly for some of the 5x spend.
THat's why you also have to decide what the status of having the card is worth to you, that could easily be worth $175 to you.
07-10-2013 05:50 PM
IMO, since the PRG has a high $175 annual fee, it would only be worth it if you spent $30,000 or more annually to get the 15,000 bonus points. Otherwise, definitely not worth it.
07-10-2013 08:16 PM
07-10-2013 08:56 PM
Yeah, I guess I need to just slow down and think practical rather than cool and prestigious! Maybe in the future the PRG will be a good card for me! I'm still considering the gold though! Hahahahaha wow ok seriously I need to slow down.
Go for the platinum and get it out of your system!
07-10-2013 09:11 PM
07-10-2013 10:00 PM
07-11-2013 04:58 AM
I have the AMEX Green and my intentions were #1 to use it soley for my utilities which add up to about roughly $2,000 a month. I wanted to set up auto pay/recuring payments and cut down on the amount of bills I had to remember to pay each month. Well, turns out the main two utilities I wanted it for (Electric and Insurance) does not accept the AMEX card..ugh! But I still was able to set up all my other utilities to charge to the AMEX each month. My second reason was to establish history/get my foot in the door with AMEX in order to be approved for a Revolver in 6-12 months. Hopefully that will happen before the Annual Fee hits. If not, I will probably go ahead and close the Green card because I do not see me ever spending more the $2,000 a month on this baby since it has to be pay in full! LOL!!!
07-11-2013 05:19 AM
I think it is perfectly acceptable for someone to pay $175 for a card just for the status if that is something that makes them happy. It is honestly one of the cheaper things you could do. People spend $50 on a tshirt just to buy a brand name for the same status effects. Prices only go up from there. They will buy houses, cars, etc sometimes just for a certain brand or image. Just make sure you aren't going outside of what you can afford and don't get caught up thinking that it makes you more important.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.